The Australia and New Zealand Banking Group Ltd (ASX: ANZ) share price is underperforming on Monday.
In early afternoon trade, the banking giant's shares are trading flat at $25.55.
This compares to a 1.75% gain by the ASX 200 index this afternoon.
It also means that the ANZ share price is underperforming the rest of the big four banks, which are all up around 1% on Monday.
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Why is the ANZ share price underperforming?
The softness in the ANZ share price today has been driven by the release of an update on the bank's full year results after the market close on Friday.
According to the release, the company is expecting its second half statutory and cash profit to be impacted by a number of large/notable items.
In total, these notable items will result in an after tax charge of $113 million, which is the equivalent to ~2 basis points of CET1 capital at level 2.
What are the charges?
Management advised that these charges include a customer remediation charge of $43 million after tax.
While ANZ highlights that its remediation program is approaching completion, the charge in the half relates to revisions to a small number of customer remediation provisions and remediation program costs.
There is also a restructuring charge of $37 million after tax and an after tax charge of $33 million comprising the impact of business divestments or closures during the period, lease modifications, and merger and acquisition related costs.
Investors won't have long to see what these charges mean for its results. ANZ is scheduled to release its FY 2022 results later this week on Thursday morning.
